Tesla (TSLA) stock sank as much as 6% before the market open Tuesday as the feud between CEO Elon Musk and President Trump reignited overnight, with the president once again threatening to cut government subsidies across Elon Musk’s businesses, including Tesla and SpaceX (SPAX.PVT).
“Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa,” Trump wrote on his social media platform Truth Social early Monday.
“No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!”
The threats followed Musk’s criticism of Trump’s “big, beautiful” tax and spending bill over the weekend after the Senate advanced the bill with last-minute additions that would eliminate electric vehicle tax credits, which benefit Tesla customers, earlier than expected and add $1 trillion to the bill’s original price tag.